Browsing: FERS

Q. I’m a FERS employee who is planning to retire in December of this year. When is the best day to do that? A. Because you are a FERS employee, you’ll have to retire no later than the last day of a month to be on the annuity roll in the following month. If you retire at the end of business on Dec. 21, you’ll have satisfied that requirement and be entitled to any annual and sick leave you earned during that pay period. If you retire after that date but before Jan. 1, you wouldn’t have worked for a…

Q. I’m a FERS employee. When can I cash in my unused sick leave – only at retirement or before? A. Regardless of whether you are covered by the CSRS or FERS, you can’t cash in your sick leave. That’s because it has no cash value. However, any unused sick leave you have to your credit when you retire will be added to your actual service and – if there’s enough of it – used to increase your annuity.

Q. I’m retiring with 4 months of sick leave, bringing my total time in FERS to 32 years, 1 month at age 65. I feel I really didn’t accomplish much as far as increasing final annuity and I would have been better off to have used the time up and would have been ahead of the game. Correct? A. Since “burning off” unused sick leave would be a violation of law and regulation, your question is moot.

Q. I retired with 22 years in the U.S. Navy Reserves, 10 of those years active duty. I am currently a FERS employee. I bought back 10 years of my military time. Will my Reserves retirement be affected in any way by buying back 10 years of my military time? A. No, it won’t.

Q. I am on disability retirement and disability Social Security. I will be 62 next year. How much will my retirement be? A. When you reach age 62, your FERS disability benefit will be recomputed as if you had worked to age 62. Therefore, your actual service will be added to the time you spent on disability. The total time will be multiplied by 1.0 percent (1.1 percent if your combined actual service and time on disability add up to 20 at least 20 years.) That figure will then be multiplied by your high-3 salary on the day you were…

Q. I’m a FERS employee who will be retiring soon. Will I be entitled to the special retirement supplement? A. The special retirement supplement is payable immediately to those who retire at age 60 with 20 years of service or at their minimum retirement age with 30. If you retire under an early retirement authority, it’s payable at your MRA. No paperwork is needed to receive the SRS. Three things to keep in mind: 1) The SRS is never payable to those who retire under the MRA+10 provision or who leave government and apply for a deferred annuity. 2) The…

Q. I was an air traffic controller for 19 years 9 months and am now on a FERS disability annuity. If I am reading BAL 10-105 correctly, my annuity should be computed at 1.7 percent instead of the 1.0 or 1.1 percent I am currently receiving. Is that correct? Also, at age 62 what will happen? At that age I would have 41 years of service. I also question MRAs and the age of 62 for calculations for air traffic controllers. I was eligible for a full FERS retirement at 46 (25 years service). The maximum age to work as…

Q. I am planning to retire ASAP but am working out a few issues. I do not want the early retirement penalty (5/12 percent per month) to impact my retirement compensation so understanding how my military time rolls toward my retirement will dictate when I can retire. I will have 27 years of FERS service and four years of paid military time. I will have met my MRA of 57.6 yrs. Does my military credit count toward the 30 years required service time or does my military time only count toward my annuity computation? If it only counts toward the…

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